The IMF approves a decision to allocate $890M to Ukraine.

The IMF approved the decision to allocate another tranche to Ukraine within the framework of the extended financing program in the amount of $890 million. “The Executive Board of the IMF completed the first review of the agreement within the framework of the Enhanced Financing Program (EFF) for Ukraine, which enables the Ukrainian authorities to receive about $890M,” the message states. The funds are aimed at supporting Ukraine’s budget.

“Despite the war, Ukraine’s economy is showing better resilience than expected after a sharp contraction in 2022. GDP growth has been raised to 1-3% in 2023 as domestic demand recovers, inflation slows and foreign exchange reserves are substantial amid a stable exchange rate,” the document noted.

It is emphasized that Ukrainian authorities “made significant progress in fulfilling their obligations under the EFF under difficult circumstances, having fulfilled all permanent and quantitative performance criteria as of the end of April.